At the moment, we’re seeing something quite remarkable in the property market. Hundred Palms Residences has reached a new milestone, potentially becoming the first Executive Condominium (EC) to resell at over $3 million — precisely at $3,058,888. This record-breaking transaction involves a 1,528-square-foot unit on the 13th floor, translating to approximately $2,001 per square foot. This remarkable feat isn’t solely about the impressive total price but also sets a new high for price per square foot. It’s perhaps not all that unexpected for Hundred Palms to make this splash, considering its reputation among ECs, akin to what Pinnacle @ Duxton or Sky Dawson represent in their respective categories—developments known for fetching high resale prices. This begs the question: is this a unique case, or could it signal broader trends within the property market?
What made such a price attractive to buyers?
Let’s dive into that. Hundred Palms has enjoyed substantial demand since its inception in 2017, selling out in about seven hours after launch. We previously touched on its appealing mature location when discussing its nearing Minimum Occupation Period (MOP). True, it might not be the closest condominium to an MRT station, but…
